The Vast Bank opens up to cryptocurrencies
The news was announced on August 25 in a statement from the bank, which had so far gone relatively unnoticed. The Vast Bank now offers its customers the possibility to “buy, sell, and easily manage their cryptocurrencies 24/7, directly from [ses] accounts “.
This is of course notable because it is the first bank in the United States to offer such options. There had already been some initiatives in the country, like that of NYDIG. But this is the first time that a bank has offered these services directly, without going through a secondary service provider. The Vast Bank doesn’t want to miss the cryptocurrency train, according to CEO Brad Scrivner:
“Although other banking institutions have hesitated when it comes to cryptocurrency, we have seized the opportunity […] to get rid of the complexity and anxiety that is associated with holding crypto. We can’t wait to see how customers respond to this new service. “
👉 To read on the same subject – The 4th largest bank in South Korea launches a custody service for cryptocurrencies
Eight cryptocurrencies available for the moment
The Vast Bank has selected eight cryptocurrencies which are initially offered to customers. They can thus choose from “classic” cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH) and Litecoin (LTC). But we also find other altcoins including the ADA of Cardano, which is the talk of it at the moment, as well as the FIL of Filecoin, the OXT of Orchid and the ALGO of Algorand.
Among the advantages of accessing cryptocurrencies in this way, the Vast Bank cites high speed of execution, and trading fees set at 1%. The institution decided to open these services following a survey carried out by it. He indicated that 50% of people interested in cryptocurrencies would prefer to obtain them through a bank rather than an exchange platform.
A small revolution to come?
The Vast Bank has confirmed that it will be evaluating other cryptocurrencies on an ongoing basis, to determine which ones to add to this new service. While this is the first American bank to take the plunge, it certainly won’t be the last. The sector is gradually thawing when it comes to cryptos, facing clients who confirm their interest in these new assets.
In France, N26 had thus confirmed in July that it would soon offer cryptocurrency buying and selling services. In Switzerland, the “crypto-bank” Sygnum has unblocked the staking of ETH for its customers.
Mistrust still reigns largely in the banking sector, however, and transfers to cryptocurrency platforms are still too often blocked. This has recently been experienced by Barclays UK customers. Still, the opening of the Vast Bank to cryptocurrencies undoubtedly marks the beginning of a new era, even if progress will probably be slow.
👉 Find our guide – How to buy bitcoins (BTC)?
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About the author: Marine Debelloir
Deputy Editor-in-Chief on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.